Ghana gets $100m budgetary support from World Bank

The Board of Executive Directors of the World Bank on January 26, 2012 approved the eighth poverty reduction support grant (PRSG8) of $100 million for Ghana.

This facility was processed within the harmonized Multi Donor Budget Support (MDBS) framework, said the bank in a statement.

Specifically, the World Bank said the “PRSG8 supports continuing and deepening efforts initiated since 2009 to restore budgetary discipline and financial stability, foster public sector reform and strengthen sustainability in the energy sector, protecting the poor and developing the oil and gas institutional framework.”

The money is also to support the implementation of the Ghana Shared Growth and Development Agenda (GSGDA 2010-2013), which succeeded the second Growth and Poverty Reduction Strategy (GPRS2).

The GSGDA emphasizes the need for macroeconomic stabilization, greater public sector efficiency and executive transparency and accountability to provide the adequate setting for the reduction of poverty and socio-economic inequalities through agricultural, private sector, infrastructure and human resource development.

By Ekow Quandzie